Billionaire Alan Howard and co-founder of macro hedge fund Brevan Howard continues to support the crypto industry, following new investments in two cryptocurrency startups.
Howard Invests in Digital Assets Startups Copper and Kikitrade
According to a report by Financial Times, Alan Howard led an extension of a Series B funding by the London-based cryptocurrency custody company Copper. The crypto startup earlier raised $50 million in its Series B funding back in May, co-led by Dawn Capital and Target Global.
Meanwhile, the extension led by the billionaire hedge fund manager raised additional $25 million, bringing the total number of funds raised in the Series B funding to $75 million. Also, sources familiar with the fundraising event stated that Howard contributed a minimum of $12.5 million, with other existing investors donating the remaining funds.
Howard’s latest investment in Copper follows an earlier support in Kikitrade, an Asian-based cryptocurrency investment company. The billionaire invested $4 million into the startup, which was part of Kikitrade’s $12 million fundraising. According to the company’s co-founder Allen Ng, Kikitrade’s aim was to bring crypto to the masses, while enabling seamless participation.
Copper specializes in cryptocurrency custody and trading services for traditional asset managers and other companies who want to get involved in crypto. Commenting on the billionaire’s support, the chief executive of Copper, Dmitry Tokarev, said:
“We’re very grateful for Alan’s backing. His early commitment to the space sets him out from other traditional players.”
Howard has been backing the crypto industry, despite the industry’s volatility. Back in May, the billionaire, alongside Peter Thiel and Louis Bacon were part of the investors that backed Bullish Global, a new crypto exchange by blockchain software company, Block.one, which saw funding of around $10 billion.
Also, Howard has investments in digital custodian Komainu, and major European digital assets investment firm, CoinShares, and owns Elwood Asset Management.
As reported by BTCManager in April, Brevan Howard announced plans to purchase $84 million worth of bitcoin and other assets. The macro hedge fund also purchased a 25 percent stake in One River Asset Management, the company which purchased $600 million worth of BTC and ETH in 2020, with plans to increase its crypto holdings to $1 billion in 2021.
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